For you “putting out fires” is no metaphor, you do it for a living and know that there are many dangers associated with it. Most people assume that because of this danger, the life insurance companies will consider it a high risk and rate you accordingly. The good news is, unlike most hazardous occupations, firefighters can get preferred rates just like any healthy civilian. For firefighters and police officers alike, life insurance companies have decided to look the other way and not rate you up. So yes, you can get life insurance, and at preferable rates, now let’s discuss everything you need to consider with your policy as a firefighter.
In summary:
- You can get preferred rates if all other factors are good.
- Other factors include health, history, and any hazardous activities.
- If you have coverage through work make sure it is an adequate amount and that it will stay with you.
- You can supplement your existing group coverage with an individual policy.
In short that’s what you should know as a firefighter looking for coverage. At InsureChance we have been covering people with high risk occupations and have insured many firefighters by shopping with all the companies on the market. If you would like to compare rates, simply use the quoter on your right. Otherwise, let’s dive into detail of life insurance for firefighters.
Typical Rates and Factors
Getting a traditional coverage as a firefighter is fairly simply because you can qualify for preferred rates. While your job has associated dangers with it, life insurance companies don’t hold it against you. However, there are a lot of factors that go into determining your rate, which can influence your application.
These factors:
Your Health – the life insurance companies are going to check your overall health. This will include administering a medical exam and going through your medical records. Any serious illnesses or prescription use for your conditions will cause your premium to go up.
Your History – the underwriters are also going to look into your background history. This will include family health history and history of felonies or substance abuse.
Hobbies and Avocation – while firefighters and police officers get a break in rates for their dangerous occupation, others don’t. If you participate in any other dangerous activity, the life insurance companies will likely rate you up or add a flat extra to your premium. Which is a surcharge of an X amount of dollars per $1,000 of coverage.
Lifestyle – this can include things like smoking, chewing tobacco or supplement use. If you have an illness, you can also use positive lifestyle details to increase your chances of getting a better rate. This includes things like exercise and following treatment regimens.
Build – your height to weight ratio will play a role in your rate, the good news is most firefighters are in great shape. However, build charts are black and white so if you packed on a lot of muscle make sure to let your agent know that your chest exceeds your waist.
Coverage Through Work
Most firefighters get coverage through work at no extra cost which is much better than having no coverage at all. But there are a few things you want to be aware of. Usually the coverage you get as a fighter of fires is 2 to 3 times your annual income. This can usually be insufficient if you have anyone that is dependent on that income. The rule of thumb is to at least be able to cover 10 years of income but we don’t go by that and strongly recommend a full needs analysis. The other thing to beware of is whether or not that coverage is transferable if you ever decide to give up firefighting. Often group life insurance has been non transferable.
Supplementing Your Coverage
If you find that you don’t have sufficient coverage through work you can always supplement it with an individual life insurance policy. You can choose between term or a permanent type of coverage. Term life insurance is great if you need to cover temporary needs like a mortgage, loans or your kid’s college education. Permanent is best for permanent needs, like covering the cost of final expenses. There are also simplified issue plans that offer the convenience of skipping the medical exam for those that are in good health. The only downside is they cap the coverage at about $400,000 depending on the company. As far as the amount of coverage, you can use the life insurance needs calculator to determine what you need or you can call one of our agents and let us do the legwork for you.
The Process
If you decide to opt for an individual life insurance policy, you can expect the process to look something like this.
- Application – this takes about 15 minutes and will include basic questions about you and your health. The medical exam will also be scheduled at this point, unless you apply for a no exam coverage.
- Medical Exam – a nurse will come out to your home at your convenience and do a typical physical, along with a blood and urine sample. This also takes in a range of 15 to 25 minutes.
- Underwriting – unless it’s a no exam policy the underwriting process usually takes between 6 to 8 weeks. At this point the life insurance company reviews your application, medical exam results and medical records.
- Approval – Once the underwriting process is complete, your policy will be approved and issued.
These are the steps you can expect to take when applying for life insurance coverage. But I always recommend working with an experienced independent agent so that they can properly qualify you for the company that will provide the best result.
Where to Begin
The short answer is “you have arrived!” At InsureChance we specialize in providing the best policy at the best rate for your specific situation. Over the years we have insured many firefighters and high risk clients. If you have any health risks or dangerous hobbies then the lowest rate on the quote engine may not be the lowest rate for you as each company weighs certain risks differently. The key is working with an experienced agency that can shop around with all the companies on your behalf prior to applying. This will insure the chance of you getting the most favorable result.
